Avidity Biosciences (NASDAQ:RNA) Shares Down 7% - Should You Sell?

Avidity Biosciences, Inc. (NASDAQ:RNA - Get Free Report)'s share price was down 7% on Monday . The company traded as low as $28.80 and last traded at $29.40. Approximately 263,619 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 1,334,923 shares. The stock had previously closed at $31.60.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on RNA shares. Scotiabank started coverage on Avidity Biosciences in a research note on Friday, March 7th. They set a "sector outperform" rating and a $70.00 target price on the stock. Barclays cut their price objective on Avidity Biosciences from $63.00 to $57.00 and set an "overweight" rating on the stock in a research report on Friday, February 28th. HC Wainwright reiterated a "buy" rating and set a $72.00 target price on shares of Avidity Biosciences in a research report on Monday, March 17th. Citigroup initiated coverage on shares of Avidity Biosciences in a report on Thursday, March 13th. They issued a "buy" rating and a $70.00 price target on the stock. Finally, Needham & Company LLC reiterated a "buy" rating and set a $60.00 price objective on shares of Avidity Biosciences in a report on Monday, March 17th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $66.69.

Avidity Biosciences Price Performance

The company has a market capitalization of $3.19 billion, a PE ratio of -9.23 and a beta of 1.02. The company's fifty day moving average is $31.41 and its 200-day moving average is $36.84.

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Avidity Biosciences (NASDAQ:RNA - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The biotechnology company reported ($0.80) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.04). The company had revenue of $2.97 million during the quarter, compared to analysts' expectations of $1.74 million. Avidity Biosciences had a negative net margin of 2,772.45% and a negative return on equity of 27.66%. Equities research analysts forecast that Avidity Biosciences, Inc. will post -2.89 EPS for the current fiscal year.

Insider Buying and Selling at Avidity Biosciences

In related news, insider Teresa Mccarthy sold 2,959 shares of the business's stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $28.59, for a total transaction of $84,597.81. Following the transaction, the insider now directly owns 104,908 shares in the company, valued at $2,999,319.72. The trade was a 2.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Arthur A. Levin sold 1,872 shares of the company's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $28.60, for a total value of $53,539.20. Following the transaction, the director now directly owns 12,958 shares in the company, valued at $370,598.80. This represents a 12.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 79,318 shares of company stock valued at $2,405,390. 3.68% of the stock is currently owned by insiders.

Institutional Trading of Avidity Biosciences

Several large investors have recently bought and sold shares of the stock. National Bank of Canada FI purchased a new position in shares of Avidity Biosciences in the third quarter worth $27,000. TD Waterhouse Canada Inc. raised its stake in Avidity Biosciences by 646.3% in the 4th quarter. TD Waterhouse Canada Inc. now owns 1,000 shares of the biotechnology company's stock worth $29,000 after acquiring an additional 866 shares during the last quarter. Van ECK Associates Corp acquired a new stake in Avidity Biosciences during the 4th quarter worth about $38,000. Headlands Technologies LLC purchased a new stake in Avidity Biosciences during the 4th quarter valued at about $60,000. Finally, GF Fund Management CO. LTD. acquired a new position in shares of Avidity Biosciences in the fourth quarter valued at about $73,000.

About Avidity Biosciences

Avidity Biosciences, Inc, a biopharmaceutical company, engages in the delivery of RNA therapeutics. It develops antibody oligonucleotide conjugates (AOC) that are designed to treat diseases previously untreatable with RNA therapeutics. The company's lead product candidate AOC 1001 for the treatment of myotonic dystrophy type 1, a rare monogenic muscle disease that is in phase 1/2 clinical trial.